European stocks on the back foot. Materials and financial services the weakest while utilities & telecoms holding up. Here’s what moving in Europe beyond the indices:
** William Hill : +2.6%, stark outperformer in travel & leisure sector (only stock besides Paddy Power trading higher). Exane BNP ups target price, raises to “outperform.”
** Accor PA : -2.8%, on the flip side Accor is worst performing in sector, after results disappoint. Stock pulls further back from post-GFC high.
** Randstad : -8.3%, sharpest single-day slide since Aug 2011, heavy volumes after earnings miss. Big outperformer over past year, was up ~70% last year.
** Vedanta : -5.7%, weakest & most active stock in basic resources sector. HSBC cuts rating to “underweight” and slashes target price by 26%, cites sluggish cash flow & delay in India unit divestment.
** Suez Env : +7.4%, nearly twice the average daily volume traded by afternoon following results. Best performer on the utilities index, testing resistance at recent high.
** Gemalto : sinks on big volumes after Visa, Mastercard chose to back a rival payment system.
** BAE Systems : -8.4%, co gives weak outlook citi US budget pressures. Street divided on stock with 4 buys vs 4 sells and 13 analysts on the fence with a ‘hold’.